Assurance Agency inks 75K sf office lease in Schaumburg

The independent insurance brokerage is moving into Zeller Realty’s Woodfield Preserve Office Center

Oct.October 16, 2018 12:30 PM

20 North Martingale Road, Assurance COO Jackie Gould and Zeller COO Bob Six

Assurance Agency is moving its headquarters to the Woodfield Preserve Office Center in Schaumburg.

The independent insurance brokerage signed a lease with Zeller Realty Group for 75,000 square feet in the complex at 20 North Martingale Road, according to CBRE.

Bill Elwood and Rob Graham of CBRE represented Zeller in the lease negotiations, while Jesse Van Dyke of JLL represented Assurance.

Assurance will move into the complex from its existing headquarters in Schaumburg’s One Century Centre next year. It will occupy part of the first floor and the entire six-floor, which at 52,000 square feet is the largest floor plate in the market, CBRE said.

Houston-based Hines and Chicago-based architect Wright Heerema developed the two-story, 650,000-square-foot Woodfield Preserve complex on 29 acres in 2000 and 2001. Zeller bought the complex for $74 million in 2016 from KBS Real Estate Investment Trust, which paid nearly $137 million for it as prices were peaking in 2007, according to Crain’s.

Zeller made a number of improvements, including adding amenities. Current tenants include IBM, Merrill Lynch and New York Life Insurance.

Elsewhere in Schaumburg, Sovereign Partners is looking to sell the Centennial Center and Two Century Centre office complexes for $60 million. UrbanStreet Group and VennPoint Real Estate, meanwhile, are leading the overhaul of the sprawling former Motorola Solutions campus.

Suburban office vacancies nudged up during the third quarter, but rents still appear to be rising across the board.

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